Today the majority of headlines speak of job losses across many sectors of the economy as an immediate result of the financial crisis. In the beginning of the year, the construction and manufacturing sectors dominated the unemployment survey, together losing around 90,000 jobs in Great Britain. In the banking sector job losses have increased towards the end of the year and will continue to grow in the next. According to The New York Times, by the end of 2009, London alone may lose as many as 62,000 financial jobs. The figures are even higher in the automotive industry. The falling demand for cars paints a grim picture for the global auto industry. Toyota warned that it will go in the red for the first time since 1941. In Great Britain in the next three years the auto industry will witness 40,000 job losses. The numbers are even higher across the Atlantic. The Detroit Three (Ford, Chrysler and GM) now employ 230,000 people. Since 2005 they have announced 35 plant closings, which resulted in about 149,000 hourly and salaried job losses at the Detroit Three and their suppliers.
So who will withstand the economic crisis? According to specialists, if you value job security then the best place to be in the next few years is either in the public sector or IT. Technology jobs that are linked to the Internet will not be very much affected by the economic crisis. In fact, many believe that the demand for Internet professionals will increase as more and more companies will rely on the World Wide Web for cost-efficient ways to market and sell their services and products. As for the public sector, people will rely more on public services (public transportation and healthcare, for example) in order to save themselves money from using the more expensive private services to help cope with the impacts of the economic downturn.
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